05:25:11 EDT Sun 19 May 2024
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Netflix CDR (CAD Hedged)
Symbol NFLX
Shares Issued 2,150,000
Close 2024-04-15 C$ 23.98
Market Cap C$ 51,557,000
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Globe/NYT say Netflix CEO has started making changes

2024-04-15 07:49 ET - In the News

The Globe and Mail reports in its Monday, April 15, edition that Dan Lin arrived as Netflix's new film chief executive officer April 1, and he has started making changes. A New York Times dispatch to The Globe reports that Mr. Lin laid off about 15 people in the creative film executive group, including one vice-president and two directors. (Netflix's entire film department is about 150 people.) He reorganized his film department by genre rather than budget level and has indicated that Netflix is no longer only the home of expensive action flicks featuring big movie stars, such as The Gray Man with Ryan Gosling and Chris Evans, or Red Notice with Ryan Reynolds, Gal Gadot and Dwayne Johnson. Rather, Mr. Lin's mandate is to improve the quality of the movies and produce a wider spectrum of films -- at different budget levels -- the better to appeal the varied interests of Netflix's 260 million subscribers. He will also be changing the formulas for how talent is paid, meaning no more enormous upfront deals. In other words, Netflix's age of austerity is well on its way. Now that Netflix has emerged as the dominant streaming platform, it no longer has to pay top dollar to lure auteur filmmakers.

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